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Analysing NF using iCharts levels - Aug 2011
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Author Analysing NF using iCharts levels - Aug 2011
guru.july
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Post: #106   PostPosted: Thu Aug 18, 2011 11:44 am    Post subject: Reply with quote

SwingTrader wrote:
S3 hit....it is important level. If it holds we can see a move up to S1 where there will be stiff resistance (BEAR-S1 key sup/res band). Below S3....S4 is important as previous sharp down move on 09.08.2011 ended around there. Below S4 we have serious trouble Very Happy


ST, I can see a divergence here with price down and rsi and stoch up. From here it's a up move.
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SwingTrader
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Post: #107   PostPosted: Thu Aug 18, 2011 11:51 am    Post subject: Reply with quote

guru.july wrote:
SwingTrader wrote:
S3 hit....it is important level. If it holds we can see a move up to S1 where there will be stiff resistance (BEAR-S1 key sup/res band). Below S3....S4 is important as previous sharp down move on 09.08.2011 ended around there. Below S4 we have serious trouble Very Happy


ST, I can see a divergence here with price down and rsi and stoch up. From here it's a up move.


It is possible. As I said S3 is important level and NF is unable to break it cleanly at the moment....an up move may be possible now. A confirmation could be a close above the recent important swing high of 5011.70 (important in terms of short-term). A close above S2 will make it very clear. Above S2 we can see S1 & BEAR between which we have serious resistance.

Let us see....

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Srikanth Kurdukar
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Post: #108   PostPosted: Thu Aug 18, 2011 12:02 pm    Post subject: Reply with quote

BTW don't go long based on divergence without confirmation by price itself. Divergence is valid only on confirmation by price. At the moment the trend is down...a reversal may be possible only on confirmation by a break above a recent swing high. If S3 breaks we may see S4 quickly.
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vinay28
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Post: #109   PostPosted: Thu Aug 18, 2011 12:02 pm    Post subject: Reply with quote

Dear ST

You mentioned "close above". Is it not enough for it to cross above 5011.60 and S2 for intraday view?
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Post: #110   PostPosted: Thu Aug 18, 2011 12:04 pm    Post subject: Reply with quote

vinay28 wrote:
Dear ST

You mentioned "close above". Is it not enough for it to cross above 5011.60 and S2 for intraday view?


I said "close" above to avoid false/spike moves. It is a just my preference.

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guru.july
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Post: #111   PostPosted: Thu Aug 18, 2011 12:07 pm    Post subject: Reply with quote

It just demolished S3..
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Post: #112   PostPosted: Thu Aug 18, 2011 1:02 pm    Post subject: Reply with quote

If NF breaks above 4997.45 (a short-term swing high) then we may test S2 (until S2 we have some resistance). If we manage to clear S2 we may quickly see S1 & BEAR where there is major resistance. Do note that if one takes a long trade above 4997.45 the SL is a bit far (below the recent low - 4967). Below 4967 and mainly S4 we have major trouble.
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Post: #113   PostPosted: Fri Aug 19, 2011 9:31 am    Post subject: Reply with quote

NF at R3 which is an important level. If we are to reverse then it can be from here....so watch the price action here. If R3 does not stop the fall then obviously more down...
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vinay28
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Post: #114   PostPosted: Fri Aug 19, 2011 9:35 am    Post subject: Reply with quote

R3 is 5018?
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guru.july
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Post: #115   PostPosted: Fri Aug 19, 2011 9:37 am    Post subject: Reply with quote

Should be S3...
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guru.july
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Post: #116   PostPosted: Fri Aug 19, 2011 9:43 am    Post subject: Reply with quote

Hi ST.. NF is between S2 and S3.. Please advice
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Post: #117   PostPosted: Fri Aug 19, 2011 9:44 am    Post subject: Reply with quote

SwingTrader wrote:
NF at R3 which is an important level. If we are to reverse then it can be from here....so watch the price action here. If R3 does not stop the fall then obviously more down...


Sorry....I mean S3 - which is 4859 (not R3).

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Post: #118   PostPosted: Fri Aug 19, 2011 9:47 am    Post subject: Reply with quote

Watch price action around S2...if NF clears S2 and goes above it then we may see BEAR-S1 range.
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Srikanth Kurdukar
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Post: #119   PostPosted: Fri Aug 19, 2011 9:49 am    Post subject: Reply with quote

A reversal down from S2 may take us below S3....Watch the price action around EMA 13 on 5 mins and S2....it will give clues to near term direction.
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Post: #120   PostPosted: Fri Aug 19, 2011 9:56 am    Post subject: Reply with quote

The 9:50 bar high 4890.85 is a short-term swing high. If NF breaks above this and also clears EMA 13 we could see an up move soon. S1 would be the near-term target, later probably BEAR. BEAR-S1 will provide stiff resistance in case of any up move.
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